The Dropbox IPO filing is here

Going public is a huge milestone for Dropbox and has been one of the most anticipated tech IPOs for several years now. The company has been around since 2007 and has raised over $600 million in funding.

We knew that it had already filed confidentially, but the company has now unveiled its filing, meaning the actual IPO is likely very soon, probably late March.

The filing shows that Dropbox had $1.1 billion in revenue for last year. This compares to $845 million in revenue the year before and $604 million for 2015.

The company is not yet profitable, having lost nearly $112 million last year. This is significantly improved from losses of $210 million for 2016 and $326 million for 2015.

Dropbox says it has 11 million paying users, just a small fraction of the over 500 million registered users who use its cloud services for free.

The big question is whether the company will achieve the $10 billion valuation it raised in the private markets. Part of its success will be measured relative to Box, which went public in 2015 and will be considered a comparable.

With the filing we see that the largest shareholder is Sequoia Capital, which owned 23.2% of the overall shares outstanding. This is a large stake. Accel owned 5% overall.